Agree with comments re Allegro. I am a fan of ADH for four reasons (1) differentiated and exclusive stock offerings backed up by an innovative merchandise buying team (2) greater customer loyalty via long established Linen Lovers club (3) An Omni channel network with online sales at a much higher % of total sales than peers (4) strong management ( though I worry at how they got rattled with a knee jerk action back in June last year).
That said, daily we are now uncovering the truth on retailing over the busiest period of the trading year and the results are not good. The tide is definitely heading towards a low water mark. Worse still, Bose now closing all bricks and mortar in favour of online is yet more evidence of a strong and dangerous under current that has more than a few years to play out fully.
Flip the argument and look at the share chart for Temple and Webster (TPW) who specialise in homewares. Almost parabolic. Dumb, based upon traditional value based metrics, but evidence of people chasing the future sales trend. I stupidly thought it over valued at $1.17 over a year ago and have agonisingly watched it climb ever since. My left brain just won’t let me hit the trigger to buy. But I will use this half year results to study the overall trend in online sales. Interesting times.
ADH Price at posting:
$2.23 Sentiment: Hold Disclosure: Held
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